ETI ex-Directors released on bail

Saturday, 16 January 2021 00:39 - - {{hitsCtrl.values.hits}}

The four former Directors of Edirisinghe Trust Investments (ETI) Finance Ltd. were yesterday released on bail by the Colombo Chief Magistrate’s Court.

Nalaka Edirisinghe, Jeewaka Edirisinghe, Anjalee Edirisinghe and Asanka Edirisinghe were released on bail after being produced before court on a cash bail of Rs. 1 million and two personal bail requirements of Rs. 5 million each.

Imposing bail conditions, the Court prohibited the defendants from travelling outside of Sri Lanka and also ordered them to appear before the Criminal Investigation Department (CID) on the last Sunday of every month.

The four directors of the failed finance company Edirisinghe Trust investments (ETI) Finance were arrested on 8 January by the CID, two days after they were released on bail by the Colombo Magistrate.

They were arrested on a fresh directive of Attorney General (AG) Dappula de Livera, AG State Counsel’s Coordinating Secretary Nishara Jayaratne said, after they were arrested earlier in the month and given bail.

Jayaratne said the AG had issued a fresh directive to the Inspector General of Police (IGP) Chandana Wickremaratne to arrest the suspects.

He had acted pursuant to the findings by the Commissions of Inquiry (COI) appointed by President Gotabaya Rajapaksa to inquire into alleged wrongdoings, irregularities, and malpractice in connection with ETI Finance Ltd.

She said the investigation found evidence of ETI’s undisclosed accounts, valued at Rs. 13.7 billion. The suspects face charges of money laundering, criminal breaches of trust, and criminal misappropriation.

ETI’s assets included Swarnamahal Financial Services PLC; EAP Broadcasting Company Ltd. with its subsidiaries: EAP Films and Theatres Ltd. (and its subsidiaries); Hotel Sapphire Ltd.; Swarnamahal Jewellers Ltd.; and other immoveable assets owned by ETI Finance PLC.